OnDeck Capital (Updated for 2021) Reviews - Financial Lender Pros & Cons

rachel-dayan writer
By Rachel Dayan
Updated October 28, 2020
Editor's Rating
Best for Fast Funding
Customer Rating 10 Reviews

With funding amounts ranging from $15,000 to 500,000, OnDeck provides business loans for small businesses in need of quick financing. Recently acquired by Enova, this lender delivers speed and convenience, with loan offers even for borrowers with less than stellar credit profiles.

Types of loans
Business loans
Loan amounts
$15,000 to $500,000
Terms of payment
  • Daily or weekly options
  • 6-18 months
  • Online, next-day business funding
  • Flexible qualification and approval criteria
  • Fast and easy business loan application process
  • Business Loan Interest Rates can be high
  • Additional fees apply in certain states
  • Not every industry qualifies

Company Profile

OnDeck was founded in 2006, bringing efficient and convenient access small business financing online. OnDeck reviews show that by leveraging data analytics, OnDeck can get past standard credit ratings when determining a client’s creditworthiness by analyzing thousands of data points when qualifying them for a business loan.

Borrowers appreciate the simple online application and impressive customer service, ensuring that they are able to pursue their short and long term business goals with flexible financing for almost any purpose.

Credit Policy

Compared to traditional lenders, OnDeck has looser qualification requirements and faster approvals. When applying for a business loan from OnDeck, borrowers can submit an application in just a few short steps and likely receive their business loan approval within a few hours.

Simply fill out the included fields with business and personal details, a description of the loan request, and recent bank statements.

To qualify for a loan, OnDeck does have some minimum criteria. These include:

Small businesses loan applicants meeting these criteria will receive offers based on the information provided, including approved loan amount, term, and interest rate.


OnDeck offers standard financing options and eligibility criteria, but will consider exceptions. Borrowers must not have more than $10,000 in tax liens to be considered. In addition, the lender allows loans to be paid off up to two positions. For loan amounts not exceeding $75,000 and terms less than 12 months, weekly repayment options are available.

Unlike other small business lenders, OnDeck is often willing to fund legal practices.

Cautionary Industries

OnDeck is a flexible online lender with looser qualification criteria than many traditional lenders, however, there are certain industries that will not be eligible for business financing. Businesses in these industries are considered more volatile for the lender and will have to seek small business loan solutions elsewhere.

Business in these sectors will not be approved:

Target Market

Growing a small business often requires an infusion of cash. Without working capital, gaps in cashflow or unexpected expenses are difficult to overcome, and with poor credit, many small businesses struggle to qualify for traditional bank loans.

OnDeck offers fast financing for businesses for most related purposes. From irregular cash flow to purchase equipment, hiring staff, or tax liability, OnDeck is a good solution for businesses in the following industries:

Within the construction industry, OnDeck does not make loans to general contractors, but does lend to subcontractors, such as plumbers, electricians, and carpenters.

Term Length

The majority of business loans from OnDeck carry terms ranging from 6 to 18 months. In certain exceptional cases, longer terms are possible. These range from 24 to 36 months.

What’s Required to Apply

OnDeck is a reputable online lender delivering streamlined and speedy financing with technologically enhanced qualification. The application form requests some basic business details to assess eligibility:

It takes less than ten minutes to complete the online application, however applications can also be made by phone. Once all of the necessary documents are received and the application is processed and approved, funds will generally be transferred within one business day.

Factor Rates

Standard loans typically express interest as a percentage. Factor rates are decimal figures representing the amount borrowers will need to pay on top of the principal. Multiplying the factor rate by the advance amount and adding the two will give borrowers an idea of the business loan’s cost.

OnDeck business loan interest rates generally range from 1.11 to 1.23.


OnDeck does not offer loans to businesses already carrying multiple active loans. Stacked loans are higher risk and come with higher buy rates and fees. Businesses with other loans and seeking additional financing will need to find a different lender.

Documentation Fees

Filing and processing loan applications is often associated with a fee. One of the benefits of OnDeck is that it offers a zero documentation fee application process.

Origination Fees

Origination fees are associated with processing and issuing loans, and are calculated as a percentage of the financing amount. When borrowing from OnDeck, applicants will pay 2.5% origination in the following states:

In other states, OnDeck does not charge any origination fees.

Renewal Policy

Once a business has paid back at least 50% of an existing loan, it is eligible to apply for a loan renewal. OnDeck makes renewals more attractive by waiving any fees or outstanding interest on the original loan.

Interest Forgiveness

OnDeck offers favorable renewal terms that involve interest forgiveness on repayment and no prepayment fees. Because of their renewal policy, customers often fund multiple projects using business loans from OnDeck. Plus, return customers can earn rewards over time and benefit from better terms.

Loan Use

Businesses borrowing money from OnDeck are permitted to use the funds for any business related need. When cashflow crunches come or new opportunities arise, OnDeck customers can access the financing they need swiftly.

Some of the uses that OnDeck borrowers have found for their business loans include:

Online Reputation

Businesses seeking a loan from OnDeck will be impressed with this lender’s solid online presence and positive reputation. OnDeck reviews are generally positive and OnDeck is considered one of the more well known and respected companies in online lending today. OnDeck has an A+ rating with the Better Business Bureau and is ranked "Excellent" on TrustPilot with a score of 9.6 out of 10

OnDeck Contact Information:

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10 User Reviews


Aug 19, 2020 12:16 AM

I was reluctant in involving any lender into my business but times are difficult and I needed some support to align my business operations and even out the cash flows. I had heard of shady and hidden fees and sham lenders who offer shiny deals but at the end, rip you off of your money through high interest rates and this fee and that cost and whatnot. But that was not the case with ondeck capital. After doing thorough research on the lender, reading reviews, I took a leap and contacted the lender. I was set up with Aaron, who is a brilliant person. He talked to me about the whole process and laid out everything in front of me – the fees, interest rates, terms and everything. He was patient enough to hear all my queries and ensure that the process was smooth and transparent. I got the working capital in no time and I am glad I made this decision and chose Ondeck as my lending partner. My business is getting better and I can see that within a couple of months, my business will be able to generate substantial revenue to finally run on its own. Thanks to Ondeck and especially to Aaron for being so responsive and supportive throughout the process.


Maxine Murray

Nov 10, 2020 5:24 PM

Hey!! I worked with Aaron too and whatever you said about the guy is definitely a 100% true! He considers your business as his own and works out the best financing terms for you. Pretty cool guy, easy to work with! And of course my experience with OnDeck was also quite good, mostly because Aaron felt like a real sincere guy, not like those bank rip offs! I don’t know what other representatives would be like but I am sure OnDeck has great customer representatives teams!


Sedrick Lowe

Oct 30, 2020 5:30 PM

Seems like Ondeck is back to their old tricks! Due to their irresponsible lending practices prior to being acquired by Enova (where they managed to burn their amazing “fintech” company to the ground), all Ondeck equity holders are now left holding worthless pieces of paper instead of valuable stock. Wonder what role their CEO is now playing?


Reginald Klein

Jan 8, 2021 2:21 AM

Excellent service! Began with so much confusion and fear on my part but ended with confidence and satisfaction. Paul was very supportive, always on his toes and kept me in loop with his admirable responsiveness. Thank you ondeck! Thank you Paul!


Morton Graham MD

Mar 12, 2021 8:41 PM

Ryan Savage is without doubt the best rep I came across. Stuck with me fully and offered support throughout the process without a sign of annoyance. I asked too many questions but not once felt like I was being too inquisitive. I got equipment financing for some new and some used furniture for a new apartment. Ryan worked with a me and my wife and a merchant of our choosing very professionally. Everything is set up and we are awaiting our new furniture. Very excited! Working with Ondeck has been absolutely great. Thank you


Nikita Ratke

May 16, 2021 10:56 AM

i wanted financing for a similar situation as yours but the other way round. i am the seller. got a customer approved from these guys and everything seemed smooth and happy. I delivered a bunch of furniture items to their place but have not gotten the money yet. its been 2 months!! even if i get the products back they are used and would not sell for the same value now. i have been ripped off and they say they have no obligation to repay me. such reckless behavior and no regard for other people’s money or business. definitely not as joyous a ride as you claimed here: happy for you though. but i would not work with these guys every again really!


Morton Graham MD

Jun 5, 2021 6:32 PM

Sorry, to hear about your experience. I am sure they have reasons. You should definitely talk to these guys and workout a solution. Tell them to connect you to Ryan Savage? I am sure he could find a solution for you.


Virginia McCullough DDS

Mar 20, 2021 12:01 AM

Opening a street café had always been my dream but I just didn’t know where to start. A friend of mine asked me why don’t you try getting a loan? I told him the paperwork and all those hidden fees and sophisticated terminologies just scared me. He was kind enough to help me reach out to a few lenders and I must say OnDeck Capital had the best service. The representative was very friendly and patient. She told me about the entire process and answered my questions with patience. While most loans charge a good amount in terms of documentation fee or application fee, these guys don’t. And there was no origination fee as well but if you belong to states like Nevada, Vermont and a few more, then there is a 2.5% origination fee. The interest part is also something I would like to mention. They offer factor rates which means your interest payment is calculated upfront. This way you know exactly what the loan is going to cost you. This for me was really helpful in contrast to the typical interest rates thing where you get a new rate calculation throughout your financing, depending on your capital. So anyway, I got the loan in just one day and things are going pretty smooth so far. I have bought the equipment, found a place and I am hiring staff for the cafe. I would definitely give 4 stars to OnDeck Capital for being the best financing partner. Cheers!


Norma Hackett

May 26, 2021 4:06 PM

I will not suggest you to trust these people. Their website is great and looks all shiny but they have shady dealings if I am to put it right. Got everything set up with OnDeck but at the last moment, just casually talked to my friend who is a finance attorney. He asked me to show him the contract. After taking a look, he said it looks ambiguous and he was not sure if it’s even legit. I was taken aback. The representative (won’t point out the name out of pure morality) I was working with seemed like a neat guy. But anyway, I backed out and got rid of these guys.


Doyle Runolfsdottir

Jun 9, 2021 12:38 AM

Can you please clearly state what the lawyer friend said exactly? Which part of the contract did not seem legal? I have been working with OnDeck for a while now and so far, everything is pretty clear and transparent. There has been no shady activity there. As a loyal customer who trusts these people for their proven good work, I feel like I should defend them and ask you to clearly give justification of the insinuations you have just made. So that other people should know this is not just a review to defame a company based on a mere personal resentment but there is actually a rationale and logic behind such allegations. Thank you!